Save for rainy days

Fixing your car might not be a top priority if you’re not using it on a regular basis, but other emergencies might benefit from you having funds available.

Again, asking your kids for money to pay for an emergency shouldn’t be a problem. After all, I’d gladly help my parents anytime, if they need me to.

However, grown up adults who move out and start a family are probably stuck with a mortgage or a car loan or would like to offer their kids a nice vacation. Not having any money saved up for retirement or emergencies could actually stand in the way of your own family’s plans.

Buy your own house

All my grandparents had this one particular thing in common: they did not own the house they lived in for decades!

Renting is not a bad thing, it comes with advantages and disadvantages, just like owning a home. However, this particular lesson I learned from my grandparents will always hunt me: don’t wait until its too late to buy a home!

While renting when you’re still young is great and even kind of fun if you plan to experience life in different countries for a while, buying a property is always a good idea.

Buying a home after retirement is not fun.

You may not be approved for a mortgage (a 30 year mortgage for a retiree sounds risky) and nevermind the fact house shopping after a certain age is a drag, rather than exciting. And just think what is a retiree to do if they’re actually forced to move out?

Risking to end up without a roof over your head at 65 is, apparently, possible.

Learn to fix what’s broken instead of replacing it

This is actually something I learned ever since I was a child. Why replace what’s broken when you can fix it?

It’s a great way to save money, not to mention it teaches you to treat your ‘stuff’ with respect. And since this is retirement we’re talking about, I’d like to point out that seniors tend to get attached to things.

Items you buy and keep around for years turn into memories. So, really, even if you had the money to replace what’s broken, it could mean throwing away a nice memory.

2 thoughts on “12 retirement lessons I learned from my grandparents”

My grandparents were born in the late 1920’s. They definitely taught the lesson of a bird in the hand is worth more than two in the bush. Both sets were very aggressive savers and extremely conservative investors.

I think the biggest lesson I learned is to appreciate time and family. It doesn’t take a lot of money to be happy.